The ATO has just announced an increas in their general interest charge (GIC) from 11.16 for the June 2010 quarter to 11.80% for the September 2010 quarter.
Note that the GIC compounding rate now extends to most taxes, including:
income tax
fringe benefits tax
goods and services tax
pay as you go.
For more details vitist the [...]
2010 offers some good news and some BAD news.
Good news first - Over the last several months we have worked tirelessly, updating our knowledge bas/tax blog, offering effective tax tips both for now and over the next tax year. Here are a couple of samples:
Tax deduction finder for my job – locate deductions specific to [...]
Highlights:
Education Tax Refund expense threshhold has increased in 2010 to 50% claim of $780 (primary schoold) and $1558 (Secondary school).
Excess Education Tax Refund expenses from 2009 can be rolled over to 2010
For a summary of eligible expenses see this post ==> 2010 Education Tax Refund Eligible Expenses
You may be eligible for the education [...]
Details on who can claim ==> Education ax Refund 2010
The following are eligible education expenses if they relate directly to the education of the student for whom you are claiming the Education Tax Refund:
laptops, home computers, repair and associated running costs
computer-related equipment, such as printers, USB flash drives, as well as disability aids to [...]
Contractors are paid for the result they achieve rather than the time they work. Contractors do not normally have to work during hours set by an agreement or award and the employer does not provide them with the tools to do their work or direct their work.
If you are an employee, then your employer must [...]
Some commentators are calling this budget “boring”. In many ways it is.
There are no surprises and unless you earn super profits from mining or you are a smoker, much of the taxation initiatives were broadly expected. So here are the 2010/11 budget tax changes:
1. Tax cuts from 1 July 2010:
Increase [...]
If you are an Australian resident (for tax purposes) and you earn income from over seas (eg investment income, pension income or business incme), you will need to convert the income to $AU. In doing so, taxpayers can use the average conversion rate applicable for that financial year. The following table is a summary of [...]
INDEX (click on the desired topic below to access all relevant articles):
Business & subbies
Capital Gains Tax
Employment
Families & Pensioners
Home loans & mortgages
Investment property
Investment strategies
Superannuation
Tax calculators
Tax deductions
Tax general
Tax Rates/tables
Tax returns
We hope this resource answers your questions. Please use the “contact us” form if you have further queries. We will endeavour to answer your questions. However, depending on [...]
As soon as you receive your first real paycheck, you experience the bittersweet moment when you understand income tax withdrawals. The more you make, the more the government takes out in taxes, but there’s nothing you can do about it, at least not legally. If you’re ever tempted to stiff the government on taxes, though, [...]
Are you late lodging your income tax return?
In 2008-09, the ATO procecuted 3181 taxpayers for late lodgement of income tax returns.
Taxpayers found quilty of an offence will generally be conviced and required to pay a court imposed penalty of up to $5500.
Although I have rarely seen the maximum penalty imposed, the court process can be [...]
